Vietnam, DPRK advised to foster economic cooperation

A confectionery production line 

Vietnam and the Democratic People’s Republic of Korea (DPRK) should maintain exchanges through political and diplomatic channels and step up the sharing of information on policies and regulations related to import-export and investment so as to boost bilateral economic and trade ties, according to an official from the Ministry of Industry and Trade.

Do Quoc Hung, Deputy Head of the ministry’s Asia-Africa Market Department, further suggested the two countries’ enterprises actively participate in trade promotion activities and fairs in each country to foster their imports and exports that are not banned following the United Nations Security Council’s resolutions.

According to the ministry, before 2010, Vietnam mainly bartered with the DPRK. Since 2011, the country has not imported goods from the DPRK, but mainly exported pharmaceutical products, plant oil, consumer products and confectionery to the East Asian nation.

After making a record high in 2012 with 15 million USD, two-way trade decreased to 7.3 million USD in 2017 and 579,000 USD last year.

FDI up 2.5 times in first two months of 2019

The factory of the Chinese-invested Jasan Textile &Dyeing Vietnam Co. Ltd in the Vietnam-Singapore Industrial Park in Hai Phong city 

As of February 20, foreign investors have poured 8.47 billion USD into Vietnam, 2.5 times higher than the same period last year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

This number includes newly registered capital, capital contributed and shares purchased by foreign investors.

The country granted 514 new investment licences to projects with a total registered capital of 2.44 billion USD, up 75.7 percent over the same period of 2018.

As many as 176 projects registered to adjust their capital with a combined additional capital of 854.8 million USD, up 22.1 percent year on year.

Meanwhile, the value of capital contribution and share purchases by foreign investors reached 5.17 billion USD, four times higher than the same period in 2018 and accounting for 61 percent of total registered capital.

Foreign direct investment (FDI) projects were estimated to have disbursed 2.58 billion USD in the first two months of this year, up 9.8 percent. This is the highest level of two-month growth in the last three years.

Foreign investors pumped their money into 18 sectors, of which the manufacturing and processing industry remained the hottest with a total pledged capital reaching 6.93 billion USD, equivalent to 81.8 percent of the total registered value.

The real estate and science and technology sectors were ranked second and third with respective values of 478 million USD and 306.7 million USD.

Hong Kong topped the list of 66 countries and territories investing in Vietnam in January-February with a total investment of 4.3 billion USD, making up 51 percent of the new FDI inflow into the country. It was followed by Singapore with 979 million USD and the Republic of Korea with 873 million USD.

Hanoi was the most attractive among 44 provinces and cities receiving FDI with 4 billion USD, or 47.3 percent of the total. Ho Chi Minh City came second with more than 1 billion USD, followed by Bac Ninh province with 541.7 million USD.

The foreign investment sector remained the major exporter with a total export value of all goods (including crude oil) reaching 25.95 billion USD, up 3.7 percent year on year and making up 70.7 percent of Vietnam’s total export turnover.

Its import value also increased 5.1 percent during the reviewed period to 21.47 billion USD.

To sum up, the FDI sector recorded a trade surplus of 4.48 billion USD.

VN shows great potential for processed vegetable, fruit exports

A pre-processing factory in Hai Duong province 

More Vietnamese businesses should be shifting to processing and exporting vegetables and fruits, which has high demand worldwide, Vo Mai, Vice Chairwoman of the Vietnam Gardening Association, has said.

Traditional crops such as rice, pepper, cashew, rubber and coffee in Vietnam have reached their limits in terms of farming area, productivity and market growth potential, while the global demand for fresh and frozen vegetables is on the rise.

Many Vietnamese companies are now investing in vegetable and fruit processing to take advantage of the rising market.

Lavifood Joint Stock Company, for example, has opened a 1.8 trillion VND (77.5 million USD) processing factory for vegetables and fruit in Tay Ninh province, with the ability to buy lower-grade fruits to make juice and dried fruit, boosting farmers’ sales and reducing waste, according to its Deputy Director Dinh Hung Dung.

Late last year, Vina T&T Import – Export Service Co. Ltd also began construction of a coconut factory in Ben Tre province. Its Director Nguyen Dinh Tung told Tuoi Tre Newspaper that Ben Tre coconuts are highly competitive and regarded, and the factory will help boost the revenue of farmers and reduce waste.

Nguyen Xuan Cuong, Minister of Agriculture and Rural Development, said that such products bring high economic value, but there are only 156 vegetable and fruit processing factories in Vietnam.

Only 1 million tonnes, out of of 27 million tonnes produced every year, are processed in factories, so there are many opportunities to invest in processing factories for these products.

Vo Mai said that Vietnam became one of the world’s leading processors of cashew, pepper and coffee, and that it could also reach the same achievements in processing vegetables and fruits for the global market.

Phung Van Hien, Director of the Global Fresh Fruits Company in Ben Tre, noted that global demand for vegetables and fruits was high, so the important factor would be to ensure quality for exports.

Meanwhile, Vietnamese mangoes have recently entered the US, a market that demands strict specifications. The upcoming direct flights from Vietnam to the US mean that the competitiveness of Vietnamese produce can expect to rise in the future, according to Hien.

In 2018, the exports of vegetables and fruits reached over 3.8 billion USD, with an average growth rate of 15 percent annually in the last five years.

According to the Ministry of Agriculture and Rural Development, in 2018, 105,000 hectares of farmland that cultivated inefficient rice species have been converted to fruit and vegetable growing areas.

Rice output still grew by 1.24 million tonnes last year despite a decline in farming area, but the quantity and quality of fruits and vegetables rose.

Indian paper highlights local business during DPRK-USA Hanoi Summit

Nguyen Van Dat purchased a US-DPRK summit commemorative T-shirt at a shop in the Old Quarter, Hanoi. (Source: indianexpress.com)

The Indian Express of India on February 27 ran an article, describing the ongoing second summit between US President Donald Trump and DPRK leader Kim Jong-un as a good business opportunity for shops in the Vietnamese capital city of Hanoi.  

In the article titled “Kim-Trump summit is good business for Hanoi shops”,  Neha Banka wrote “In the congested streets of Hanoi, local souvenir shops have been selling Donald Trump and Kim Jong Un memorabilia like T-shirts and commemorative stickers as well as flags of the two countries over the past few weeks.”

In the Old Quarter, the historic centre of Hanoi where the summit talks will be held, most of the shops have been selling banners and flags. Local shops are opened at 9am and closed at night. 

Local companies, government agencies and residents across Hanoi have been calling over the past week to place large orders for flags that are then displayed on storefronts and are mounted on lamp posts, the article said. 

The author interviewed many local traders and residents who expressed their joy of the important political event. 

They voiced their hope that the meeting will bring about peace to both US and the DPRK and the world at large.-

Hanoi earns 2.24 billion USD from exports in two months

The factory of the Garment 10 JSC in Hanoi 

Vietnam’s capital city of Hanoi earned an estimated 2.24 billion USD from exports in the first two months of this year, up 21.3 percent year-on-year, according the municipal Statistics Office.

Staples posting encouraging export turnover growth included machinery, equipment and parts, textiles and garments, telephones and components.

The domestic sector experienced a positive turnover rise of 14 percent, accounting for 53.3 percent of the city’s total export value in two month period, the office said.

The two-month performance was a good signal for the city’s economy in the context of the country witnessing an export turnover reduction of 1.3 percent in January compared to the same month last year, Director of the municipal Department of Industry and Trade Le Hong Thang told kinhtedothi.vn.

However, Thang said it would not be easy for the capital to reach its target of raising export value by between 7.5 percent and 8 percent this year.

The director attributed the situation to strong fluctuations in the global financial and monetary markets and a stretched trade war between the US and China.

In order to achieve the export target and facilitate the city’s exporters, Hanoi would continue to help enterprises access loans, improve administrative reforms and accelerate trade promotion.

At the same time, it would help local firms diversify the design of their products, access new technologies, promote their brands and origin traceability in a move to increase the added value of their products.

The city would also call for investment to develop infrastructure, concentrated industrial zones, clusters, logistics infrastructure and service systems as well as build an information database for business and export activities.

Thang also urged local businesses to develop their own trademarks while improving product quality and personnel to meet the strict demands of international markets.

Last year, Hanoi shipped 14.23 billion USD worth of goods overseas, a year-on-year increase of 21.6 percent, the department’s statistics revealed.

The US, Japan and China remained the city’s biggest markets, with values accounting for 16 percent, 13 percent and 12 percent, respectively.

HCM City’s CPI increases 0.47 percent in February

The consumer price index (CPI) of Ho Chi Minh City rose 0.47 percent month-on-month in February and 3.58 percent over the same period last year, reported the city’s Statistics Office on February 28.

According to the office, among 11 goods groups, education was the only group that saw a decrease in price compared to January at 2.89 percent.

Meanwhile, the prices of two other groups – beverages and tobacco, and medicine and medical services – were kept unchanged.

The highest rise in price was seen in goods and other services at 1.32 percent; followed by food and catering services at 1.15 percent; housing, electricity, water, fuel, and construction materials at 0.7 percent; garments, headgear, and footwear at 0.54 percent; equipment and household appliances at 0.6 percent; post and telecommunications at 0.41 percent; and transportation at 0.25 percent.

A representative from the HCM City Statistics Office said that in the group of food and catering services, the prices of food and foodstuff rose 1.67 percent and 0.32 percent respectively, while that of catering services increased just 0.55 percent over the previous month.

In February 2019, the price of gold was up 0.71 percent, and that of US dollar rose 0.09 percent compared to January 2019. 

Opportunities for businesses importing soybeans from Canada

Chris Forbes, Canadian Deputy Minister of Agriculture and Agri-Food, speaks at the workshop 

A workshop was held in Ho Chi Minh City on February 28 to connect businesses that import soybeans from Canada.

Bui Tien Toan, sales manager of Linh Long Development Co., Ltd., said businesses now have multiple choices in importing soybeans, especially from the US and Canada. 

The import is favourable as Canada’s soybeans meet his firm’s demand on quality and quantity, while the business can enjoy tariff incentives, he said.

He added that his company imports about 18,000-20,000 tonnes of soybean each year to distribute for domestic businesses to process food, including 6,000 tonnes imported from Canada.

Vo Thi Thuy Diem, sales manager of Golden Nutrition, said her company imports 500 tonnes of soybean per month, 30 percent of which are from Canada.

She said Vietbamese soybean importers need stable policies, as well as to promptly address relevant papers from Canadian exporters to maintain and develop the market.

Andrew Jones, a member of the Canadian soybean association Soy Canada, said that besides taking measures to increase soybean productivity and quality, the association is actively campaigning for new trade and market policies – especially for major destinations such as Japan, China, Malaysia, and Vietnam – to boost the development of Canada’s soybean sector.

Chris Forbes, Canadian Deputy Minister of Agriculture and Agri-Food, said Canada is implementing plant examinations for quality and origin certification so as to develop the soybean sector in a new direction, meeting the requirements of the export market.

Canada’s soybeans are sold in 71 countries, he said.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into force in Canada from December 30, 2018 and Vietnam from January 14, 2019, which will contribute to promoting trade between the two countries, he said.

After the deal completes the tariff reduction roadmap, 94 percent of Canada’s agri-products and food will be at an advantage for exports to Vietnam, especially aquatic products, beef, fruit, wheat, soybean, and processed food.

According to the Soy Canada association, Vietnam was among the top 10 importers of the Canadian soybean industry in 2017, importing 123,000 tonnes of soybean worth 70 million CAD (53.1 million USD).

With its current trade promotion activities, Vietnam is likely to become one of the biggest soybean importers of Canada. 

Incentives should be applied for effective FDI firms: Deputy PM

Deputy Prime Minister Vuong Dinh Hue (standing) speaks at the working session with the Ministry of Finance 

Preferential policies should be applied selectively, targeting FDI businesses with effective operation rather than the scale of investment, Deputy Prime Minister Vuong Dinh Hue said at a working session with the Ministry of Finance in Hanoi on February 28.

He said it is important to both attract investment and ensure revenues for the State budget, stressing that the goal in the time ahead is to promote FDI in an oriented and selective way. 

Towards this goal, the Deputy PM said it is necessary to develop a mechanism to encourage FDI firms to increase their capital and reduce loans as well as build a national information data system to share information on registration, investment expansion, revenues, profits and production costs of FDI firms.

The building of a specialised system of tax inspection is also needed to handle price transfer more effectively, he added.

He suggested calling for investment according to sectors and fields and encouraging connectivity between domestic and foreign enterprises.

Deputy Minister of Finance Huynh Quang Hai reported that Vietnam is now home to 21,400 FDI firms, making up about 3 percent of the total businesses in the country.

In 2017, the FDI sector’s revenues increased by 28 percent compared to 2016. 

The sector accounted for over 70 percent of the country’s export-import turnover and 15 percent of the State budget revenues. 

However, the attraction of foreign investment still has shortcomings, with the flow of FDI mainly focusing on labour-intensive sectors and areas with favourable natural and social conditions.

He noted that more than 50 percent of FDI businesses have reported losses in the past three years, making the price transfer more complicated.

Meanwhile, the FDI sector’s contribution to the State budget is growing at a slower pace than the growth rates in pre-tax and post-tax profits (7 percent compared to 19.2 percent and 22 percent). The Finance Ministry attributed this to the various tax incentives granted to foreign investors and big projects in prioritised industries and fields. The FDI sector currently enjoys more incentives than other economic sectors.

Automechanika 2019 opens in HCM City

The automobile exhibition Automechanika opened in Ho Chi Minh City’s Saigon Exhibition and Convention Centre on February 28, attracting approximately 380 exhibitors from various countries around the world.

Exhibiting until March 3, the event has introduced the new product category of “Truck Competence” to amplify the ever-growing commercial vehicle sector in Vietnam. 

In particular, around 60 percent of the exhibitors are showcasing products in the commercial vehicle segment, many of which are of the truck competence category.

A number of activities are being held in the framework of the “Truck Competence” programme, including the Fleet Management Conference, the Collision Repair Training and Maintenance Workshop, and the One-to-One Matchmaking Programme.

Reports from commercial vehicle makers in Vietnam showed that the growth of the category has been stable. Vietnam has attracted a number of foreign firms – including Russian manufacturer Gaz – thanks to the strong expansion of the supply and production market. Gaz plans to localise its products by forming a joint venture with a Vietnamese partner.

According to Chong Tze Liang, General Director of AFI Blake, the demand for commercial vehicles and logistics activities in Vietnam are forecast to increase, along with the demand for trans-national tourism. Therefore, the firm has invested in producing commercial vehicles that meet international safety standards for the Vietnamese market, he said.

Meanwhile, Lars Verswyvel, General Director of IST Vietnam, predicted that sales in the commercial vehicle sector will grow strongly in the future. He commented that the exhibition is a good chance for enterprises to explore the demand of the market.

A number of businesses joining the event said that the Vietnamese government’s recent preferential policies have helped the domestic automobile sector develop.

The policies have created more opportunities for foreign firms in the market, they said, adding that many foreign investors hope to make full use of incentives for the domestic automobile sector to produce and supply automobiles in Vietnam.

February’s consumer price index up 0.8 percent

Vietnam’s consumer price index (CPI) in February rose by 0.8 percent over the previous month, and 2.64 percent year-on-year, the General Statistics Office (GSO) announced on February 28.

The two-month index inched up 2.6 percent compared with that of the same period last year.

Among the 11 main commodity groups, nine reported increases in prices, with food and catering services experiencing the highest at 1.73 percent – driven by high demand during the Tet (Lunar New Year) holidays.

The price of housing and building materials rose by 0.69 percent; culture, entertainment, and tourism by 0.66 percent; and drinking and tobacco by 0.35 percent.

Decreases were seen in prices of education (0.47 percent) and post and telecommunications (0.03 percent).

During the month, gold prices were up 1.53 percent month-on-month, but down 0.16 percent year-on-year. In contrast, the price of the US dollar fell 0.09 percent against the previous month, but rose by 2.24 percent from the same period last year.

According to the GSO, February’s inflation inched up 0.48 percent compared with that of January, and 1.82 percent year-on-year, pushing the two-month inflation up 1.82 percent year-on-year. 

514 exhibitors ready for furniture expo

     

 

Visitors at last year’s VIFA-EXPO in HCM City. This year the furniture industry expo will be held in the city’s Saigon Exhibition and Convention Centre from March 6 to 9. — Photo Courtesy of the organisers

 The 2019 Viet Nam International Furniture and Home Accessories Fair to be held in HCM City next week will offer local and foreign companies a chance to network and explore business opportunities.

VIFA-EXPO 2019 has attracted 514 exhibitors, who will put up 2,420 booths, 23 per cent more than last year, Huynh Van Hanh, permanent deputy chairman of the Handicrafts and Wood Industry Association of HCM City (HAWA), told a press briefing held to introduce the expo in HCM City on Wednesday.

The number of foreign exhibitors this year is much higher than last year, and they are from many countries and territories that have strong wooden industries and supporting industries such as Chinese Taipei, Singapore, the US, Canada, mainland China, France, India, Hongkong (China), Ireland, Luxembourg, Malaysia, Indonesia, Switzerland, and Thailand, he said.

Organised by the city’s Department of Industry and Trade, HAWA and HAWA Corporation, the fair would see the display of a wide range of indoor and outdoor furniture, handicrafts, interior furnishing and accessories, and others, Hanh said.

He added that over 2,900 visitors from many countries and territories have registered, 12.8 per cent up from last year.

The event will also feature three seminars titled Market Requirements and Opportunities in Europe and the US, Engineered Wood Products in the Furniture Industry, and Applying Lean Manufacturing and Automation to Improve Productivity-Experience Sharing from China.

The Hoa Mai Prizes for a furniture design competition will also be given away at the opening ceremony.

The expo, to be held at the Sai Gon Exhibition and Convention Centre from March 6 to 9, is expected to attract more than 10,000 local and international visitors.

Last year Viet Nam’s exports of wood and forestry products were worth US$9.38 billion, up 16.8 per cent from the previous year.

The figure was at $982 million in January this year, an increase of 24.6 per cent, HAWA said.

With positive signals coming from the market, many companies have invested in expanding production and improve technology and technical management to improve efficiency and quality, it said.

The sector is on course to achieve the export target of $11 billion set by the Government, it added. 

Netland targets 53 per cent increase in after-tax profit

     

 

A question and answer session at a conference held in HCM City on Tuesday discuss investment opportunities in Netland. 

 Netland Real Estate Corp has set a target to achieve VND110 billion (US$4.74 million) in after-tax profit this year, a year-on-year increase of 53 per cent.

Speaking at a conference on Netland investment held in HCM City on Tuesday, Huyen Huu Quang, the company’s deputy general director, said it would focus on key markets such as HCM City and Ha Noi, as well as new markets such as Ba Ria-Vung Tau, Long An and Can Tho, and foreign markets, including Japan. .

In addition to township projects and high-end apartments, the company will develop coastal hospitality real estate projects in Binh Thuan, Da Nang and Nha Trang.

It will also focus on sales and brokerage services, and enhance mergers and acquisitions of companies and projects to create a land fund that will increase by at least 20 per cent per year.

The company will also seek cheap capital sources outside the country and cooperate with foreign partners to expand its markets, he added.

Tran Khanh Quang, the company’s vice chairman, said that the domestic real estate market enjoyed good growth last year and the momentum would continue in the next few years.

“Many foreign investors have poured investment in the real estate segment in Viet Nam, as they think the market will continue to be a lucrative one. I think the market will grow by 10-15 per cent this year.”

Netland listed on the Hanoi Stock Exchange (stock code: NRC) in early 2018 with stable stock prices last year. Shares of the company are seen as attractive to investors..

The company has three strategic partners: Sanei Architecture Planning, G-7 Holdings Inc and Anabuki. Sanei, in collaboration with Netland, has invested in a high-end apartment project in Nha Trang.

Last year, the company was named among Viet Nam’s Best Real Estate Agencies by the Dot Property Vietnam Awards 2018. 

FLC Group to build 24 projects in Quang Ninh

     

 

A view of Ha Long Bay in Quang Ninh Province. — Photo baoquangninh.com.vn

 FLC Group is exploring investment opportunities in 24 projects in the northeastern province of Quang Ninh.

This information was released at a meeting between Quang Ninh Province’s Standing Party Committee and FLC Group earlier this week.

The projects are expected to be implemented in five localities in the provinces including Ha Long, Mong Cai, Cam Pha, Uong Bi and Van Don.

Three of the 24 projects are under implementation including Ha Long Start Golf course covering 95.5ha, FLC Ha Long complex with total area of 51.4ha and Ha Khanh Urban Area, including 2,600 terrace houses and 927 apartments.

In addition, the group is studying Ngoc Vung Island resort complex, Cai Rong wharf and high-tech medical and pharmaceutical industrial park in Van Don.

It also may build Ninh Duong Urban Area, FAM high tech agriculture project in Mong Cai City; hi-end apartment building project in Ha Long City’s Hong Hai Ward; FLC Vung Duc Urban Area in Cam Pha City and Yen Thanh Urban Area in Uong Bi City.

FLC’s leaders also shared some ideas about building an aviation institute, helipad, a repair centre for aircraft in Van Don and an outdoor cultural performance space. 

Phu My Hung pours millions USD into infrastructure

     

 

The appearance of the Phu My Hung City Center will improve day by day with the development of new infrastructure and amenities.

 Giant real-estate developer Phu My Hung Development Corporation has announced plans to invest trillions of dong to upgrade infrastructure and amenities at the Phu My Hung City Center in HCM City’s District 7 in the next three years.

In over 25 years of development the Phu My Hung City Center has become an ideal destination for both Vietnamese and foreigners (50 per cent each of the 30,000 residents) to live because of not only good quality housing but also infrastructure that is constantly upgraded and every conceivable facility like an entertainment centre, exhibition centres, shopping mall, food and beverage centres, and parks.

Roads are upgraded and widened, new shopping and retail centres are built and more schools are opened.

Explaining why the company keeps investing money in infrastructure, a Phu My Hung Development Corporation’s representative said plans for developing housing are not based on demand and supply of the market but on the condition of infrastructure.

It means every time a new housing project is finished and people start living there, all infrastructure and amenities should already be in place, he said.

Furthermore, the corporation seeks to become a “well-serviced urban area” meaning infrastructure is indispensable.

The Phu My Hung Development Corporation announced that a number of infrastructure works are set to be finished this year.

The Ca Cam 1 Bridge, which cost US$4 million, is the first infrastructure work put into operation at the end of 2018. It is an existing bridge that was enlarged to measure 100m long and 20 metres wide and has four lanes.

The bridge, on Tan Phu Road and spanning the Raïch Caû Caám River, plays an important role since it connects the Southside District and the Commercial and Financial District in the Phu My Hung City Center.

The construction of Ca Cam 1 Bridge makes much sense because many new projects have been completed in the Southside District like the Happy Residence and Nam Phuc Le Jardin.

Ca Cam 1 is the sixth and last bridge to be built in the Phuù Myõ Höng City Center and completes the city centre’s transportation infrastructure.

Along with Ca Cam 1 Bridge, Phu My Hung Development Corporation this year will also focus on upgrading inner roads and other infrastructure.

In the second quarter of this year the expansion of Nguyen Van Linh Parkway from Nguyen Thi Thap to Tan Thuan Industrial Zone will be widened from six lanes to 10 lanes.

The Peak (M8A), the masterpiece of Phu My Hung Midtown and the most beautiful development there, will be launched in March 2019.

Creating green areas was among Phu My Hung Development Corporation’s targets while developing the Phu My Hung City Center, and it has built dozens of gardens there.

This year two more parks would be built and they would be among the 10 largest parks in urban areas anywhere in Viet Nam, the corporation said.

One will stretch from Tran Van Tra Street to Thay Tieu 2 Bridge and measure 88,900sq.m. The other park, Wonderland, situated in the Recreational and Cultural District in Phu My Hung City Center, will spread over 44,296sq.m.

The two parks will have many paths for local residents to walk and enjoy the fresh air.

Previously, a similar park was built in The Crescent and became popular with local residents.

The remarkable Sakura Park, the first of its kind in the country, will also open this year.

The park to be built along the Phu My Hung Midtown Project will have its first phase completed in the second quarter of this year. It will be finished at the same time as The Grande and The Symphony apartments.

For over 25 years Phu My Hung Centre has been home not only to residents; it has also been chosen by many companies to open their offices and by retailers to expand their business in Viet Nam.

The company has stepped up investment to meet the increasing demand for office buildings in the area.

They will include the 24-storey Crescent Hub and 6-storey Crescent Mall Phase 2.

They will come up in The Crescent District and two main roads, Nguyen Van Linh and Nguyen Khac Vien.

To be finished in the last quarter of this year the two buildings will add to the market over 65,000sq.m of retail and office space.

Crescent Hub and Crescent Mall phase 2 will add to the market more retail and office spaces as well as amenities once they are completed this year.

Phu My Hung said many other office and retail projects are also under construction in The including the UOA Tower to be built by Malaysia’s UOA company, an 24-storey complex of office and retail spaces. It will come up on a 45,000sq.m plot of land.

The expansion of Dinh Thien Ly School – phase 2 will also start this year at the Commercial and Financial District. Its first enrollment will be expected in 2021.

This year a new amusement complex, the Saigon South Marina, would be opened, Phu My Hung said. The 4,000sq.m, 3-storey complex will be on Tran Van Tra Street. It is built by Ngoâi Sao Vieät Company

It will have space for outdoor events like music shows, exhibitions and fairs. It will also be an ideal place for organising weddings and BBQ parties.

Saigon South Maria will have a wharf for river buses connecting Phu My Hung with other regions in the city.

Unlike infrastructure projects, there is a limit on housing projects now, the corporation said.

The developer said only 20 per cent of the remaining land would be used to develop housing projects, all of which would be high-end ones. One of them is The Peak.

The Peak will be the last development in the complex known as Phu My Hung Midtown that the company has developed for the past two years in the South District.

They would be sold block M8A The Peak in this quarter of this year, it added. This block owns the best location in the Midtown complex that overlooks the scenic river. Beside the stunning landscapes, The Peak is also invested many high-end amenities, materials and services.

Ha Noi records positive export growth

     

 

Garments are made at a factory of the Garment 10 Corporation. — Photo may10land.vn

 Viet Nam’s capital earned an estimated US$2.24 billion from exports in the first two months of this year, up 21.3 per cent year-on-year, according the municipal Statistics Office.

Staples posting encouraging export turnover growth included machinery, equipment and parts, textiles and garments, telephones and components.

The domestic sector experienced a positive turnover rise of 14 per cent, accounting for 53.3 per cent of the city’s total export value in two month period, the office said.

The two-month performance was a good signal for the city’s economy in the context of the country witnessing an export turnover reduction of 1.3 per cent in January compared to the same month last year, director of the municipal Department of Industry and Trade Le Hong Thang told kinhtedothi.vn.

However, Thang said it would not be easy for the capital to reach its target of raising export value by between 7.5 per cent and 8 per cent this year.

The director attributed the situation to strong fluctuations in the global financial and monetary markets and a stretched trade war between the US and China.

In order to achieve the export target and facilitate the city’s exporters, Ha Noi would continue to help enterprises access loans, improve administrative reforms and accelerate trade promotions.

At the same time, it would help local firms diversify the design of their products, access new technologies, promote their brands and origin traceability in a move to increase the added value of their products.

The city would also call for investment to develop infrastructure, concentrated industrial zones, clusters, logistics infrastructure and service systems as well as build an information database for business and export activities.

Thang also urged local businesses to develop their own trademarks while improving product quality and personnel to meet the strict demands of international markets.

Last year, Ha Noi shipped $14.23 billion worth of goods overseas, a year-on-year increase of 21.6 per cent, the department’s statistics revealed.

The US, Japan and China remained the city’s biggest markets, with values accounting for 16 per cent, 13 per cent and 12 per cent, respectively. 

Japanese firms mull investing in Ha Nam

     

Japanese-invested Yokowo Vietnam Co Ltd’s factory in Hà Nam Province. 

 A business delegation from the Japan Chamber of Commerce and Industry (JCCI) this week met with authorities from the northern province of Ha Nam to study the local investment environment.

Yoichi Kobayashi, chairman of the Japan-Mekong Business Cooperation Committee under the JCCI, said the delegation wanted to study the advantages Ha Nam held as well as its investment attraction policies and mechanisms.

Vice chairman of the provincial People’s Committee, Truong Quoc Huy, said Ha Nam was the southern gateway to the capital Ha Noi with a convenient transport system and abundant human resources.

The province had eight industrial parks approved by the Prime Minister, including six already in operation.

Ha Nam has called for domestic and foreign investment to three hi-tech agricultural zones, a high quality medical area and a luxury restaurant chain.

Vinh Long works to increase mango export to US

At the signing ceremony 

The Department of Agriculture and Rural Development of the southern province of Vinh Long is joining hands with the Green Path Vietnam Trading and Import-Export Company to increase mango export to the US.

A ceremony to ink the cooperation agreement was held in the province on February 27.

Accordingly, Green Path will provide technical support and disseminate requirements by importers to local farmers, helping them adapt to more efficient farming practices. 

Vinh Long province is home to nearly 44,500 ha of fruit-growing areas, yielding more than 440,900 tonnes per year. Of the number, about 4,900 ha of mango, or 11 percent of total orchard areas, are being cultivated across the districts of Vung Liem, Mang Thit and Tam Binh.

The province has grown more than 93 ha of mango under VietGap standards while granting codes for management and traceability for mango, rambutan, longan and pomelo.

Deputy Director of the provincial Department of Agriculture and Rural Development Nguyen Van Liem said technical barriers remain the biggest challenge to Vietnam’s agricultural production. That mango entering such demanding markets as the US is a good sign for the province’s farm produce, he noted.

The official also advised local farmers to ensure safety, reputation and sustainability, as well as to follow production methods agreed with businesses.

Mexico sees Vietnam as potential market in CPTPP

Vietnam is a potential garment and textile export market.

The Government and firms of Mexico see Vietnam as a potential market among members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Mexican officials and business leaders shared the common view at a workshop on investment and trade opportunities in CPTPP held by the Secretariat of Economy and the Business Council for Foreign Trade (COMCE) of Mexico on February 26.

Undersecretary for Foreign Trade in the Secretariat of Economy Luz Maria de la Mora said when joining the CPTPP, Mexico has six more export markets, namely Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam, which have a combined more than 155 million consumers. She stressed Mexico’s strategic vision in CPTPP which is free trade and diversification of export market.

Sergio Ley, President of the Asia-Pacific Directorate at COMCE, said he believed that through CPTPP, Mexico’s exports to Vietnam will surge, particularly the shipment of agricultural products. Vietnam will also serve as the gate for Mexico’s goods to access the markets in other ASEAN countries.

According to the Mexican Secretariat of Economy, CPTPP will bring about a 6.7 percent increase in the country’s exports, with beneficiary sectors including automobile, machinery, leather products, beef, processed food and fruit and vegetables.

Meanwhile, Mexico will face competition from Malaysia and Vietnam in the fields of textile-garment and leather-footwear.

Mexico’s statistics showed exports to CPTPP member countries are growing at double the rate in other markets, reaching 3.26 billion USD in 2017.

CPTPP has 11 members, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It creates one of the largest free trade areas in the world, with a combined market of more than 500 million consumers and total GDP of 10.1 trillion USD, or 13.5 percent of the world GDP.

Vietnam leaves strong impression at cultural festival in Egypt

 

A visitor shows her interest in Vietnam's exhibits 

Vietnam left strong impression on visitors at the 16th Sakia Exhibition for Cultural Services, which opened at the El Sawy Culturewheel Centre in the Egyptian capital city of Cairo on February 27.

The two-day event drew the participation of numerous countries and territories across the world.

The Vietnamese Embassy in Egypt introduced many documents, books, photos and objects on culture, history, the land and the people of Vietnam, especially its outstanding achievements.

Besides books on tourism introducing attractive destinations and unique features of regions, there also were magazines, photos, maps and documents and documentary screenings on Vietnam and the country’s specialities of fried spring rolls and coffee.

In an interview with the Vietnam News Agency, Ambassador Tran Thanh Cong said the annual festival presents an opportunity for foreign diplomatic agencies in Egypt to promote the image of their respective countries in different fields, including politics, diplomacy, socio-economics and culture.

The exhibits at Vietnam’s booth attached crowds of visitors. Safeya, an Egyptian visitor expressed her impression on Vietnamese traditional culture, saying the event helps her understand more about the country and its hospitable people. Many others also showed their interest in Vietnam’s traditional long dress (ao dai) and handicraft products.

The Sakia Exhibition for Cultural Services is held annually and allows teams to exchange cultural activities and boost unity and mutual understanding.